From a Parking Lot to Beloved International Brand, Restaurant Leader to Continue on Global Growth Path
Los Angeles, CA (RestaurantNews.com) From a parking lot in 2017, to a global sensation which expects to end the year with more than 400 restaurants across the globe; Dave’s Hot Chicken has chosen an investment from Roark, entering its next phase of growth and innovation.
Dave’s Hot Chicken has had years of incredible unit and sales growth and leading guest satisfaction metrics. The company remains committed to delivering an exceptional experience for its guests, team members and its franchise partners around the globe.
“This is one of the great entrepreneurial journeys of our time, and now we begin the next chapter in the story,” said Bill Phelps, Dave’s Hot Chicken’s CEO. “Our entire organization is excited about the fit between Dave’s Hot Chicken and Roark, and we’re looking forward to continuing to blow our guests’ minds and unlocking growth and value for our franchise partners.”
The leadership team, who have architected the elements which have made Dave’s Hot Chicken an internationally beloved brand, will continue in their roles running the company. This includes the founders of Dave’s Hot Chicken, who began this American dream story in a parking lot almost exactly eight years ago, will continue to drive the Company’s menu innovation, food quality, in-store experience, operations, marketing, branding, digital and more. A social media leader in the hospitality industry, its marketing strategy will also remain unchanged. Dave’s Hot Chicken is closing in on six million followers across its platforms, and hundreds of millions of views of user generated content.
Looking ahead, the Dave’s Hot Chicken team is focused on bringing the best of Dave’s Hot Chicken to guests both domestically and abroad, with a focus on delivering for its guests every day, just as the brand has been doing since the early parking lot days in 2017.
North Point Mergers & Acquisitions served as Dave’s exclusive financial advisor.
About Dave’s Hot Chicken
In a modern-day American dream story, three childhood friends, Chef Dave Kopushyan, Arman Oganesyan and Tommy Rubenyan, scraped together $900 to launch Dave’s Hot Chicken in a parking lot, portable fryers and folding tables in tow, in 2017. Dave’s Hot Chicken quickly took off, opening an East Hollywood brick-and-mortar restaurant shortly after, with support from Tommy’s brother, Gary. In 2019, the team struck a deal with Wetzel’s Pretzels co-founder and former CEO, Bill Phelps, to begin franchising the Dave’s Hot Chicken concept. The company has sold the rights to more than 1,000 franchise locations in the U.S., Middle East and Canada and will open 155-plus locations this year. Harkening back to an Eater LA blog that helped propel early interest in the brand, the company’s mission is to “blow their minds.”
About Roark
Roark is an Atlanta-based private equity firm with $40 billion in equity under management. Roark focuses on investments in consumer and business service companies, with a specialization in franchise and multi-location businesses. For more information, please visit RoarkCapital.com.
Media Contact:
Joshua Levitt
PR for Dave’s Hot Chicken
jo**@************ve.com
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